Tata Power hits a 52-week high, becomes 6th Tata Group co to achieve Rs 1 lakh crore mcap

Tata Power Share Price: Tata Power continued its golden run on Thursday (November 7, 2023) as it scaled a 52-week-high and became the sixth Tata Group company to hit the Rs 1 lakh crore market cap after brokerage firm JM Financial upgraded its rating. 

The stock hit a 52-week high of Rs 332.00 on Thursday, having achieved the same feat on December 1, 4, and 6. 

The stock also hit an upper circuit of Rs 323.50 during the day and ended the trading session higher by 10.76 per cent, or Rs 31.6, at Rs 325.75 on Thursday.

At the close of the day, the company's market cap stood at Rs 1,04,088.19 crore.

JM Financial upgrades Tata Power's rating

Brokerage firm JM Financials upgraded the Tata Power stock's rating to 'buy' from 'hold'.

The brokerage also raised the target price of the stock by 40 per cent to Rs 350 from Rs 220.

Highlighting four key elements of Tata Power, JM Financial says in its report that the company's high points include capitalising on the lucrative group captive renewables opportunity, entering the brownfield hydro storage sector, divesting from low-value businesses, and extending the transmission business beyond distribution.